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Query

Pratibha Rathi (Trainee) (97 Points)

02 February 2012

Can an1 pls help.....

If a Co. has done default u/s 297 in past years which is still continuing & section 692A is applicable then for filing the petition for compounding the offence, will d director present at d tim of default but resigned b4 filin petition be treated as officer in default??

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4 Replies

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 02 February 2012

Yes

Director present at the time of default but resigned later will remain as party to the default as officer in default. Well this is my personal understanding. Please wait for other opinions.

Regards

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 02 February 2012

Ankur ji aab bilkul sahi hai

Pratibha Rathi (Trainee) (97 Points)
Replied 06 February 2012

Thank u both.

Pls solve some more prob regarding the same.

1. My co. is a pvt co. wth more than 1 cr. of cap n other co. is a pub co. in which directors are common & some directors of pvt. co is member of public co. So does this sec 297 applicable??

2. If both the co. are pvt. co. with more than Rs. 1 cr capital thn will the approval 4m CG be taken by both the companies???

Pratibha Rathi (Trainee) (97 Points)
Replied 06 February 2012

Also solve than at the time of contract by a pvt co. MD was appointed. Bt at present that MD's designation is changed to a director. Will MD alone be considered as officer in default or all the directors present at the time of contract. Pls remember Co is a pvt co. in which compulsion of appt of MD isnt there.

Thanks